Global Fishing Equipment Market Overview
As per MRFR analysis, the Fishing Equipment Market Size was estimated at 18.55 (USD Billion) in 2022.
The Fishing Equipment Market Industry is expected to grow from 19.26(USD Billion) in 2023 to 26.9 (USD Billion) by 2032. The Fishing Equipment Market CAGR (growth rate) is expected to be around 3.78% during the forecast period (2024 - 2032).
Key Fishing Equipment Market Trends Highlighted
The Fishing Equipment Market is advancing rapidly posting various developments all around. Rising income levels, growing leisure fishing activity levels, and government support action to encourage environmentally friendly fisheries aspiring ot them are the primary factors propelling market growth.
There are possibilities for research in the sphere of development of eco-friendly tools, smart fishing devices, and innovative fishing thrill over its culture. This is in the form of incorporating advanced materials such as carbon fiber and graphene which are now being utilized in fishing equipment to increase its efficiency and longevity.
On the market, there are also new developments in the field of lures and bait, characterized by hyper-realistic appearances and advanced-silent, swallowing-tracking systems. Furthermore, with the increase in catch-and-release fishing, the need for specialized equipment that minimizes fish stress is also evident. This brings out the dynamics of the Fishing Equipment Market as being shaped by technology, sustainability issues and the desire to go fishing in more advanced ways.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fishing Equipment Market Drivers
Rising Demand for Recreational Fishing
The last decade has seen a surge in interest in recreational fishing, with many people starting to practice this hobby. As a result, there has also been an increase in the purchase of fishing equipment, with anglers eager to have the best tools to aid them in their fishing adventures. The trend of increase in participants in recreational fishing activities is predicted to persist in the years to come which shall additionally fuel the expansion of the Fishing Equipment Market Industry.It is also a relatively affordable hobby that can be enjoyed by people of all ages. Growing popularity of social media: Social media platforms such as Instagram and Facebook have made it easier for people to share their fishing photos and videos, which has helped to generate interest in the hobby. Increased availability of fishing equipment: Fishing equipment is now more widely available than ever before, thanks to the growth of online retailers.This has made it easier for people to find the gear they need, regardless of where they live. The rising demand for recreational fishing is expected to continue in the coming years, which will further drive the growth of the Fishing Equipment Market Industry. Companies that are able to capitalize on this trend will be well-positioned to succeed in the future.
Technological Advancements
The Fishing Equipment Market Industry is constantly in transformation, distinguished by the new technological solutions. The latter is aimed at making fishing equipment and gear more efficient, which in turn will enable the fishers to catch more fish. The most recent advances are as follows: Fishfinder improvements: fish finders are used to locate fish underwater. Over the past years, their quality has improved, becoming more accurate and user-friendly.Accordingly, today, a fish finder is a necessary tool for fishers of all levels. Electric reel: it is designed to facilitate the process of reeling in fish. Especially in regard to the big fish, the reel will be able to do most of the work for the fisher. Lighted lures: the lures are traditionally used for attracting fish. The lighted lures are used when the light levels are low so that they can be useful for fishing at night or in deeper waters. The significance of technological advances will be increasing in the future, and whoever is able to implement them will be most successful.
Growth in Aquaculture
Aquaculture is the farming of fish and other aquatic organisms. It is a rapidly growing industry, and the demand for seafood continues to increase. The growth of aquaculture is creating a corresponding increase in the demand for fishing equipment, as farmers need to purchase equipment to raise and harvest their fish. Some of the key factors driving the growth of aquaculture include Increased demand for seafood: The global demand for seafood is expected to continue to grow in the coming years as the population grows and people become more affluent.Environmental concerns: Aquaculture can be a more sustainable way to produce seafood than traditional fishing, as it can help to reduce the impact on wild fish stocks. Government support: Governments around the world are increasingly supporting the development of aquaculture as they recognize its potential to provide food security and economic benefits. The growth of aquaculture is expected to continue in the coming years, which will further drive the growth of the Fishing Equipment Market Industry. Companies that are able to capitalize on this trend will be well-positioned to succeed in the future.
Fishing Equipment Market Segment Insights
Fishing Equipment Market Type Insights
The Fishing Equipment Market is segmented by Type into Saltwater Fishing Equipment, Freshwater Fishing Equipment, Fly Fishing Equipment, Ice Fishing Equipment, and Spearfishing Equipment. Saltwater Fishing Equipment dominates the market, accounting for over 40% of the global revenue in 2023. The popularity of saltwater fishing, particularly in coastal regions and among recreational anglers, drives the demand for specialized equipment such as rods, reels, lures, and bait designed to withstand saltwater conditions. Freshwater Fishing Equipment holds a significant share of the market, catering to anglers fishing in lakes, rivers, and other freshwater bodies.Freshwater fishing equipment includes rods, reels, lures, and bait tailored to the specific species and fishing techniques used in freshwater environments. Fly Fishing Equipment is a niche segment that has gained popularity among enthusiasts. Fly fishing involves using a fly rod, fly line, and artificial flies to catch fish. The specialized equipment and techniques required for fly fishing contribute to the growth of this segment. Ice Fishing Equipment targets anglers who fish on frozen lakes and rivers during the winter months. This segment includes ice fishing rods, reels, lures, and other gear designed to withstand cold temperatures and ice conditions.Spearfishing Equipment is a growing segment, particularly in tropical and subtropical regions. Spearfishing involves using a speargun or other devices to hunt fish underwater. The demand for spearfishing equipment has increased due to the popularity of spearfishing as a recreational and competitive sport. The Fishing Equipment Market is expected to witness steady growth over the coming years, driven by factors such as increasing participation in recreational fishing, technological advancements in equipment design, and growing awareness of sustainable fishing practices.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fishing Equipment Market Gear Insights
The Gear segment plays a crucial role in the Fishing Equipment Market, encompassing essential components such as rods, reels, lines, hooks, lures, baits, nets, and traps. In 2023, the Gear segment contributed significantly to the overall market revenue, which is projected to reach USD 19.26 billion. Market segmentation enables a deeper understanding of the industry's dynamics, revealing valuable insights into specific product categories and their impact on the overall market growth. By analyzing market data and statistics, companies can identify potential opportunities, optimize their product offerings, and tailor their strategies to meet the evolving needs of the fishing industry.
Fishing Equipment Market Target Species Insights
Bass, trout, and salmon are the most popular target species for recreational fishing, accounting for over 50% of the Fishing Equipment Market revenue in 2023. Bass fishing is particularly popular in North America, with largemouth bass being the most sought-after species. Trout fishing is popular in both North America and Europe, with rainbow trout, brown trout, and brook trout being the most common targets. Salmon fishing is popular in the Pacific Northwest of North America, as well as in Europe and Russia. Muskie, tuna, marlin, and shark are popular target species for sport fishing.Muskie fishing is popular in the Great Lakes region of North America, as well as in Canada and Europe. Tuna fishing is popular in the Atlantic and Pacific Oceans, as well as in the Mediterranean Sea. Marlin fishing is popular in the Pacific and Indian Oceans, as well as in the Caribbean Sea. Shark fishing is popular in the Atlantic and Pacific Oceans, as well as in the Gulf of Mexico. The increasing popularity of recreational fishing is driving the growth of the Fishing Equipment Market.
Fishing Equipment Market Distribution Channel Insights
Sporting goods stores remain the dominant distribution channel for fishing equipment, accounting for over 40% of the Fishing Equipment Market revenue in 2023. These stores offer a wide selection of products from various brands, allowing consumers to compare prices and features before making a purchase. Online retailers are gaining market share, driven by convenience and competitive pricing. They offer a broader selection of products than physical stores and often provide faster delivery times. Catalog retailers cater to a niche market, offering specialized products and expert advice. Specialty shops focus on specific types of fishing equipment, such as fly fishing or saltwater fishing, and provide personalized service and technical expertise.
Fishing Equipment Market Regional Insights
Regionally, North America is expected to hold the largest market share, followed by Europe, APAC, South America, and MEA. North America's dominance can be attributed to the presence of a large number of fishing enthusiasts, favorable government regulations, and well-developed distribution channels. Europe is another major market for fishing equipment, driven by the growing popularity of recreational fishing and the presence of a large number of fisheries. APAC is expected to witness significant growth in the coming years due to the increasing demand for seafood and the growing popularity of fishing as a recreational activity.South America and MEA are expected to experience moderate growth, driven by the growth of the commercial fishing industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fishing Equipment Market Key Players And Competitive Insights
Major players in the Fishing Equipment Market are continuously striving to gain a competitive edge. They are implementing various strategies, such as launching innovative products, expanding their geographical reach, and acquiring smaller players. The Fishing equipment market industry is highly fragmented, with a large number of both domestic and international players. However, a few leading Fishing Equipment Market players, such as Shimano, Daiwa, and Rapala, hold a significant market share. These companies have a strong brand reputation, wide product portfolio, and well-established distribution networks.Shimano is a leading manufacturer of fishing equipment, including rods, reels, and lures. The company has a strong presence in both the saltwater and freshwater fishing markets. Shimano is known for its high-quality products and innovative designs. The company has a wide distribution network that spans over 200 countries.Another leading player in the Fishing Equipment Market industry is Daiwa. Daiwa is a Japanese company that manufactures a wide range of fishing equipment, including rods, reels, and lures. The company is known for its high-quality products and competitive prices. Daiwa has a strong presence in both the domestic and international markets. The company has a wide distribution network that spans over 100 countries.
Key Companies in the Fishing Equipment Market Include
- Cabela's, Inc.
- Pflueger Fishing
- Bass Pro Shops
- Penn Fishing Tackle Mfg. Co.
- Shimano Inc.
- Pure Fishing, Inc.
- Berkley Fishing
- Zebco Brands, LLC
- Abu Garcia
- Plano Molding Company
- Fenwick Fishing
- Rapala VMC Corporation
- Daiwa Corporation
- Eagle Claw Fishing Tackle Co.
Fishing Equipment Market Industry Developments
The Fishing Equipment Market is projected to reach USD 26.9 billion by 2032, exhibiting a CAGR of 3.78% during the forecast period (2024-2032). Rising demand for seafood, coupled with increasing recreational fishing activities, is expected to drive market growth. Technological advancements, such as the integration of IoT and AI in fishing equipment, are further enhancing the market's prospects. Key industry players are focusing on product innovation and strategic partnerships to gain a competitive edge. Recent developments include the launch of biodegradable fishing nets and the adoption of sustainable fishing practices, reflecting the growing emphasis on environmental conservation.
Fishing Equipment Market Segmentation Insights
- Fishing Equipment Market Type Outlook
- Saltwater Fishing Equipment
- Freshwater Fishing Equipment
- Fly Fishing Equipment
- Ice Fishing Equipment
- Spearfishing Equipment
- Fishing Equipment Market Gear Outlook
- Rods
- Reels
- Lines
- Hooks
- Lures
- Baits
- Nets
- Traps
- Fishing Equipment Market Target Species Outlook
- Bass
- Trout
- Salmon
- Muskie
- Tuna
- Marlin
- Shark
- Fishing Equipment Market Distribution Channel Outlook
- Sporting Goods Stores
- Online Retailers
- Catalog Retailers
- Specialty Shops
| Report Attribute/Metric |
Details |
| Market Size 2022 |
18.55(USD Billion) |
| Market Size 2023 |
19.26(USD Billion) |
| Market Size 2032 |
26.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.78% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Cabela's, Inc., Pflueger Fishing, Bass Pro Shops, Penn Fishing Tackle Mfg. Co., Shimano Inc., Pure Fishing, Inc., Berkley Fishing, Zebco Brands, LLC, Abu Garcia, Plano Molding Company, Fenwick Fishing, Rapala VMC Corporation, Daiwa Corporation, Eagle Claw Fishing Tackle Co. |
| Segments Covered |
Type, Gear, Target Species, Distribution Channel, Regional |
| Key Market Opportunities |
Growing demand for recreational fishing technological advancements increasing popularity of sustainable fishing practices growth in emerging markets expansion of ecommerce platforms |
| Key Market Dynamics |
Rising demand for seafood Technological advancements Government regulations Climate change Ecommerce Expansion |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Fishing Equipment Market is expected to reach USD 19.26 billion in 2023 and is projected to grow at a CAGR of 3.78% from 2024 to 2032.
Asia-Pacific is expected to hold the largest market share in the Fishing Equipment Market due to the increasing demand for seafood and the presence of a large number of fishing vessels in the region.
The key factors driving the growth of the Fishing Equipment Market include the rising demand for seafood, the increasing popularity of recreational fishing, and the technological advancements in fishing equipment.
The key competitors in the Fishing Equipment Market include Shimano, Daiwa, Rapala, Berkley, and Abu Garcia.
The major applications of fishing equipments include commercial fishing, recreational fishing, and aquaculture.
The different types of fishing equipment available in the market include rods, reels, lines, hooks, lures, and other accessories.
The challenges faced by the fishing equipment market include the rising cost of raw materials, the increasing competition from low-cost producers, and environmental regulations.
The opportunities for growth in the fishing equipment market include the increasing demand for seafood, the growing popularity of recreational fishing, and the technological advancements in fishing equipment.
The key trends in the fishing equipment market include the increasing popularity of sustainable fishing practices, the growing demand for high-quality fishing equipment, and the increasing use of technology in fishing.
The future outlook of the fishing equipment market is positive. The market is expected to continue to grow due to the increasing demand for seafood, the growing popularity of recreational fishing, and the technological advancements in fishing equipment.
